With large tech earnings and economic data available, US stock futures are stable

U.S. stock index futures stabilized during evening trading on Monday after Wall Street ended on a high note, as attention shifted to a busy week of significant earnings reports and economic data releases.

Optimism in the markets was partly fueled by expectations of reduced tension in the Middle East, as Israel’s recent strike on Iran was less intense than investors had anticipated. Strength in technology stocks ahead of key earnings also pushed the Nasdaq close to record highs.

By 19:05 ET (23:05 GMT), S&P 500 Futures held steady at 5,860.75 points, while Nasdaq 100 Futures remained flat at 20,498.75 points. Dow Jones Futures also saw no change, settling at 42,594.0 points.

Alphabet kicks off big tech earnings season
Five of Wall Street’s so-called “Magnificent Seven” are scheduled to announce their earnings this week, with Alphabet Inc (NASDAQ) leading off after the market closes on Tuesday.

Following Alphabet’s results, Meta Platforms Inc (NASDAQ) and Microsoft Corporation (NASDAQ) are set to report on Wednesday, with Apple Inc (NASDAQ) and Amazon.com Inc (NASDAQ) following on Thursday.

Given the sizable market capitalizations of these tech giants, their earnings are likely to be a key indicator for the broader market. Investors will focus on whether these major players have realized substantial returns from their heavy investments in artificial intelligence over the last year.

Wall St remains steady with economic data, election in view
Wall Street indexes posted modest gains on Monday, hovering near record highs. However, market volatility could rise in the days ahead, with major economic data releases and the 2024 presidential election approaching.

The S&P 500 increased by 0.3% to 5,823.52 points, while the NASDAQ Composite gained 0.3% to reach 18,568.05 points. The Dow Jones Industrial Average saw the largest increase, climbing nearly 0.7% to 42,387.57 points.

This week’s economic calendar includes several crucial reports, beginning with third-quarter GDP data on Thursday.

On Friday, the PCE price index – the Federal Reserve’s preferred inflation measure – and nonfarm payrolls data are due. These reports come just ahead of a Federal Reserve meeting, where the central bank is expected to proceed with a smaller rate cut of 25 basis points.

The U.S. presidential election is set for November 5, with Republican candidate Donald Trump facing off against Vice President Kamala Harris. Polls and prediction markets suggest a close race, with Trump showing recent gains.

 

 

 

 

 

 

 

Paraphrasing text from "Investing" all rights reserved by the original author.